How Marketers Can Use Behavioral Economics to Guide Customer Decision Making and Drive ROI

Many organizations make decisions based on outdated assumptions about their customers’ needs. They believe that if they present more product information, consumers will value them; if they offer cash incentives, consumers will respond; or if they add more choice, consumers will buy.

However, in the last few decades, behavioral scientists have identified many ways in which people deviate from these assumptions. We don’t always follow through with what we say we will; we’re motivated by more than just money, and too much choice can actually hinder decision making.

BEworks, according to Kelly Peters, its CEO and co-founder, is all about “taking the insights of behavioral science, so the interdisciplinary psychology of judgement and decision-making, and bringing that to light. Bringing that insight to our business challenges.”

Getting into the consumer mindset, she said, is a challenge for marketers to overcome. To do that, marketers must build a process and then walk through it from the customer’s point of view.

“What are the decisions we’re expecting people to make? And what are the enablers and barriers to those decisions? And once you start to slog through the weeds, you’re going to start to find, ‘this is where we’re overwhelming people,’” she said.

In this session, Peters covers how to leverage recent insights gained from behavioral data to drive ROI in real-world marketing scenarios. She walks through the method to understanding the customer decision process, in order to meet needs before the purchase point.